The Stock Exchanges of London Paris And New York a Comparison
The Stock Exchanges of London Paris And New York a Comparison
George Rutledge Gibson
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This same principle extends into international transactions, and the United States and England, Trading ' 'for the Account. " 41 instead of each shipping gold on all purchases in the other country, only do so to the extent of the balance of trade. When a dozen nations are trad- ing together the Exchanges between them be- come more complex, but otherwise do not differ. It is with transactions between members of Stock Exchanges identically the same as be- tween merchants of nations engaged in int...erna- tional commercial intercourse. Though this mode of settlement now obtains in English and Continental Exchanges, the Consolidated Ex- change of New York, with a plan similar, but in some respects preferable, is the only Stock Exchange in the New World that adopts "trad- ing for the account" with a Clearing House. The Stock Exchange of Philadelphia delivers stocks daily through the intervention of a Clearing House. In the Stock Exchange of London inactive securities, which are rarely dealt in, are not cleared, the list covering only such as are largely bought and sold.
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